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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16576
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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Hi. I will be 66 on Feb 20, 2014. My approximate SS benefit

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Hi. I will be 66 on Feb 20, 2014. My approximate SS benefit if I retire at full retirement age is $2700 per month. I receive a monthly pension of about $6,500 per month from the University of California, which adds COLA at 2-3 percent per year in addition to good Medicare coordinated medical coverage for myself and my wife, age 62.

I retired from UCLA in 2011 but have not yet applied for SS benefits. I founded a research company that earns me between $50,000 and $100,000 per year, probably $100,000 continuously in future years. If I apply for social security at age 66, will my benefit be reduced because I continue to earn money from my research company? thanks

Megan C :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

Megan C :

Thank you for your question, and thanks for using JustAnswer.com

Megan C :

How are you today?

Megan C :

Your social security benefit will NOT be reduced as a result of your research company, provided you are at least full retirement age.

Customer:

I'm fine, thank you

Megan C :

Glad to hear that. Do you have any questions about my response?

Customer:

I don't see your response anywhere.

Megan C :

Okay let me retype it then. Your social security benefit will not be reduced as a result of your activity of your research company, provided that you are at least full retirement age.

Customer:

Oh, now I see it. So I should apply for SS, if this seems like the right thing to do.

Customer:

Follow up question. If I apply for benefits in October 2013 (age 65, 8 months) about how much would my benefit be reduced? And I assume

Customer:

there would be some reduction of benefits for 4 months before reaching full retirement age)

Megan C :

Yes, the reduction would be minimal - around 2%

Customer:

And would my income for October through Feb 2014 cause a reduction in my benefits for these four months?

Megan C :

You would have a reduction in benefits, since you have substantial activity in self employment.

Customer:

Thanks much. You've been most helpful. james

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Thanks, James for your positive rating and very generous bonus. It was a pleasure working with you today. Please come back and see me any time you have a question that needs answered.

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